Synergy Resources Corporation has closed on the Amendment dated February 12, 2015 to its Exploration Agreement with Vecta Oil & Gas, Ltd. dated March 1, 2013; whereby Vecta has conveyed assignments for an undivided 30% working interest in leasehold within the DJ Basin Greenhorn AMI covering approximately 13,530 net acres.

Synergy's position in the NE Wattenberg Extension Area is now over 41,000 net acres. Its working interest in the AMI with Vecta has increased to 65%, and the remaining 35% working interest in the AMI will be owned by an affiliate of Vecta, Foreland Resources LLC, and other parties. The purchase price of the conveyed leases is $250 per net acre, payable in 287,642 restricted shares of Synergy's common stock, equating to approximately $3.4 million based on $11.76 price per share.

Tags: Synergy Resources Corporation